Investment in oil and gas projects will rise 4% to $628 billion in 2022, up from $602 billion in 2021, with Rystad Energy identifying a 14% increase in upstream natural gas and liquefied natural gas investments as the contributing factor.

The Norway-headquartered analyst firm sees those segments as the fastest growing, with a jump in investments from $131 billion in 2021 to around $149 billion in 2022.